This is due to a ‘perfect storm’ of low supply, high demand, and rocketing energy costs being passed on through rent increases
It’s not great news for Generation Rent, as new data from SpareRoom reveals average monthly room rents in London have passed £800 for the first time, up 15% from £708 in Q2 2021. It’s not just the capital that’s feeling the pinch, with rents skyrocketing across the UK - all the 50 biggest towns and cities saw a year-on-year increase, and 40 of them also hit record levels.
SpareRoom has compiled a list of the least and most expensive places to live, both in the capital and across the UK, to help people looking for cheaper options when making their next move.
In London, the most affordable postcodes are mainly in the southeast and east regions. The cheapest area to rent a room in the capital is still Abbey Wood (SE2) at £616, followed by Manor Park (E12 ) at £620 and East Ham (E6) at £621.
As you’d expect, the least affordable postcodes are in central and west London areas - West End/Soho (W1) had the highest room rents at £1,299 followed by Westminster/Belgravia/Pimlico (SW1) at £1,097 and Earl’s Court/West Brompton (SW5) at £1,060.
Outside of the capital, the most expensive areas to rent in Q2 2022 were Kingston Upon Thames (£727), Twickenham (£711) and Barnet (£709). Conversely, the cheapest areas to rent a room were Darlington at £391, Huddersfield at £394 and Middlesbrough at £396.
Matt Hutchinson, SpareRoom director, comments: “With rents at record highs, inflation higher than it has been for decades, and energy bills set to rise again in October, just before winter kicks in, renters are going to really struggle. It’s time for the government to realise that simply handing out money to help people pay their rent isn’t the long-term solution – we need serious policies to provide affordable housing for everyone. In the meantime, hopefully, this list of the most and least expensive areas will help people looking to make their next move.”
